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Home My WebLink AboutFFDA Properties (2) i FRESNO County Recorder Paul Dictos C.P.A. RECORDING REQUESTED »Y iUN 2 15 20.116 DOC- OLD REPUBLICTTTLE COMPANY, 2018-0073171-00 Acct 8500-OLD REPUBLIC TITLE COMPANY- SAN FR, Escrow No.: 1411011949 Wednesday, JUN 20, 2018 12:42:48 APN: 466-145-18 TV Pd $62.00 Rcpt #0005018425 APR/R2/2-9 WHEN RECORDED MAIL TO y, Housing Successor to the Redevelopment Agency of the City of Fresno 848 M Street, 3rd Floor Fresno, CA 93721 SPACEA90VE THIS LINEFOR RECORDERS USE Assignment and Assumption of Owner Participation Agreement and Related Documents 1 ❑ Exempt from fee per GC27388.1; document recorded In connection with a concurrent transfer subject to the imposition of documentary transfer tax 2 ❑ Exempt from fee per GC27388.1; document transfers real property that Is a residential dwelling to an owner- occupier 3 ❑ Exempt from fee per GC27388.1; document recorded In connection with a concurrent transfer that Is a residential dwelling to an owner-occupier 4 ® Exempt from fee per GC27388.1;fee cap of$225 reached 5 ❑ Exempt from fee per GC27388.1; document Is subject to the Imposition of documentary transfer tax 11 ❑ Exempt from fee per GC 27388; document is executed or recorded by the state or any county, municipality, or other political subdivision of the state i i y DB/db - I s RECORDED AT THE REQUEST OF AND WHEN RECORDED RETURN TO: Recorded at Request of Old Republic Title Company ILA gLAq -6 3 Housing Successor to the Redevelopment Agency of the City of Fresno 848 M Street, 3rd Floor Fresno, CA 93721 (SPACE ABOVE THIS LINE FOR RECORDER'S USE) City of Fresno, in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno Name: Marlene Murphey Its: Executive Director Date: ASSIGNMENT AND ASSUMPTION OF OWNER PARTICIPATION AGREEMENT AND RELATED DOCUMENTS between FFDA Properties, LLC., a California Limited Liability Company and The Lede Properties, LLC., a California Limited Liability Company Regarding 1530 Fulton Street and 1525 Van Ness Avenue The Lede Residential Project Fresno, CA 93721 I 3 i ASSIGNMENT AND ASSUMPTION OF OWNER PARTICIPATION AGREEMENT AND RELATED DOCUMENTS This Assignment and Assumption Agreement (Agreement) of the Owner Participation Agreement(OPA) and Related Documents is entered into this 9,0-t day of 77 4 , 2018, (the Effective Date), by and between the City of Fresno, in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno (Agency), FFDA Properties, LLC., a California Limited Liability Company (Assignor) and The Lede Properties, LLC., a California Limited Liability Company (Assignee). The Agency, Assignor and Assignee entered into this Agreement for the assignment of Assignor's (i) existing OPA, dated March 9, 2011, and recorded on November 15, 2012, in Official Records under Recorder's Serial Number 2012- 0165098 (ii) Promissory Note dated March 16, 2011, in the original principal amount of$1,750,000, (iii) Promissory Note dated March 16, 2011, in the original principal amount of$1,750,000, (iv) Regulatory Agreement and Declaration of Covenants and Restrictions dated March 16, 2011, recorded on November 15, 2012, in Official Records under Recorder's Serial Number 2012-0165100 and (v) Deed of Trust and Assignment of Rents executed by FFDA Properties, LLC., for the benefit of the Agency dated March 16, 2011, and recorded on November 15, 2012, in Official Records under Recorder's Serial Number 2012- 0165099, .and related documents (collectively, the OPA Documents) to be assigned to and assumed by the Assignee for the purpose of acquiring 1530 Fulton Street and 1525 Van Ness Avenue, a residential project consisting of eighty-five residential units. The Assignor has requested an assignment of the OPA Documents and the Assignee has requested the assumption of the OPA Documents. The parties therefore agree as follows: Assignor shall grant by deed to Assignee all of its right, title and interest in the property located at: 1530 Fulton Street, Fresno, CA 93721 (APN: 466-145-18) and 1525 Van Ness Avenue, Fresno, CA 93721 (APN: 466-145-22) as more particularly described in Exhibit "A" attached hereto and incorporated herein. Said deed must be recorded with this fully executed Agreement. 1. The Assignor hereby assigns and transfers to Assignee and Assignee accepts all right, title, interest and obligations of and to the OPA Documents. 2. Assignee shall have no greater rights than Assignor under the Agreement. 3. Assignee, from and after the effective date of this Agreement, assumes and agrees to perform and fulfill all the terms, covenants, conditions, and obligations required to be performed and fulfilled by Assignee under the OPA Documents. 4. Assignee has requested and the Agency has agreed the OPA shall remain the same. a. Agency agrees to remove Assignor from repayment obligation of the i E i Promissory Note and agrees to transfer repayment obligation to Assignee. b. Agency agrees to subordinate the OPA Program Agreement and Promissory Note as may be required by senior financing. 5. Representations. Assignor hereby represents and warrants that it has not previously assigned, pledged, hypothecated or otherwise transferred any of its rights under the OPA Documents. 6. Estoppel Provisions. Notwithstanding anything to the contrary contained in the OPA Documents, the Agency hereby acknowledges and agrees to the following: a. The OPA Documents are in full force and effect and, except to the extent amended or modified by this Agreement, have not been otherwise amended or modified. As of the date of this Agreement, all of the proceeds of the Loan have been disbursed, and any amounts currently due and payable to Agency under any of the OPA Documents have been paid. b. Except as has been disclosed to Assignee in writing prior to the Effective Date, the Agency has not given any notice of default pursuant to any of the OPA Documents that has not been cured and, to the best of the Agency's knowledge, no event or circumstance exists which, with the giving of notice or the passage of time, or both, would constitute a default under any of the OPA Documents. 7. Notice. All correspondence and notices given or required to be given to the Assignor under the OPA Documents, from and after the Effective Date, shall be provided to the Assignee and shall be addressed as follows: Assignee: The Lede Properties, LLC Attn: Darius Assemi 1396 West Herndon Avenue, Suite 101 Fresno, CA 93711 (559) 436-0900 8. Successors and Assigns. This Agreement applies to, inures to the benefit of, and binds all parties hereto and their respective successors and assigns. 9. Counterparts. This Agreement may be executed in multiple counterparts, all of which, when taken together, shall be deemed an original upon execution. 10. Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of California. i IN WITNESS WHEREOF, the authorized agents of the parties hereto have executed this Assignment and Assumption Agreement at Fresno, California, the day and year first above written. City of Fresno in its capacity as Housing FFDA Properties, LLC., Successor to the Redevelopment Agency of a California Limited Liability Company the City of Fresno By: By: Name: Da ' ssemi Name: Marlene Murphey Title: Vice President Title: Executive Director (Attach Notary certificate of (Attach notary certificate of acknowledgment) acknowledgment) Date: (�� - , ,tel c"'I Date: The Lede Properties, LLC, a California APPROVED AS TO FORM: Limited Liability Company Douglas T. Sloan City Attorney By: FFDA Properties, LLC, a California limited liability company, its Manager BWkBy: Tracy Paryanian Dat Name: anus As e Senior Deputy City Attorney Title: Vice-Presid (Attach Notary certificate of acknowledgment) ATTEST: Date: c'� YVONNE SPENCEi, MM City Clerk By: Deputy , 0 E 3f E k 3 I TRUE COPY CERTIFICATION (Government Code 27361.7) Ck Place of Execution I certify under penalty of perjury that this material is a true copy of the original material contained in this document. rr e -5- r� I � Date Signature of Declarant r Type or Print Name i E CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness,accuracy,or validity of that document. e. State of California ) County of ice _ eU ) On before me, Date re Insert Name a Title of the Officer personally appeared P!_ c i" m Name) of SignerO who proved to me on the basis of satisfactory evidence to be the persoe) whose name( is/ subscribed to the within instrument and acknowledged to me that he/ 'Aherexecuted the same in his/he'his/hetheW authorized capacity(ios), and that by his/ber/their signature(syon the instrument the personal, or the entity upon behalf of which the person(p) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. STACY-ANN TERRY-ANN BENTON Commission#2100824 WITNESS my hand,and official seal. Z ,-� Notary Public-California Z Fresno County Mg Comm.ExCir Feb 21,2019 Signature Signature of Notary Public Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: ❑Corporate Officer — Title(s): ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Partner — ❑ Limited ❑General ❑ Individual ❑Attorney in Fact ❑ Individual ❑Attorney in Fact ❑Trustee ❑ Guardian or Conservator ❑Trustee ❑ Guardian or Conservator ❑Other: ❑ Other: Signer Is Representing: Signer Is Representing: 02016 National Notary Association -www.NationalNotary.org - 1-800-US NOTARY(1-800-876-6827) Item#5907 E CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness,accuracy,or validity of that document. State of California County of ND On ., t.u')e 1 d before me, ( l L, t° °� r > Date Here Insert Name and Title of the Officer i personally appeared Iaf krve, IV Name(oof Signer mom. who proved to me on the basis of satisfactory evidence to be the person 'whose name is/afe subscribed to the within instrument and acknowledged to me that-he/sheAttey executed the same in-Ns/her/their authorized capacity(! , and that by his/her/heir signature)'on the instrument the person(sy'or the entity upon behalf of which the person,(s)t acted, executed the instrument. I certify under PENALTY OF PERJURY under the NA LIANA LEYVA laws of the State of California that the foregoing Commission#2078341 paragraph is true and correct. Notary Public-California z ® Fresno County WITNESS my hand and official seal r, My Comm.Expires g17 ,2018 t Signature ..: Place Notary Seal and/or Stamp Above Signature of Notary` u lic OPTIONAL Completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document i Title or Type of Document: i Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(les) Claimed by Signer(s) Signer's Signer's Name: Si s Name: g ❑ Corporate Officer—Title(s): ❑ Corporate Officer—Title(s): ❑ Partner— ❑ Limited ❑ General ❑ Partner— ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian of Conservator ❑ Trustee ❑ Guardian of Conservator ❑ Other: ❑ Other: Signer is Representing: Signer is Representing: 02017 National Notary Association : I i EXHIBIT A The land referred to is situated in the County of Fresno, City of Fresno, State of California, and is described as follows: PARCEL ONE (APN: 466-145-18): Lot 1, as shown on Map of Tract No. 6059, recorded February 18, 2016, in Book 85 of Plats, at Pages 69 and 70, Fresno County Records. PARCEL TWO (APN: 466-145-22): Lot 1, as shown on Map of Tract No. 6060, recorded July 14, 2016, in Book 86 of Plats, at Pages 22 and 23, Fresno County Records.